MBDA Awards $1.4M Grant for Minority Entrepreneurs

The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) has awarded the National Association of Investment Companies (NAIC) a $1.4M grant to support a project that will facilitate the aggregation and deployment of about $1B in growth capital into minority-owned businesses.

Quick Facts.

  • There are 11M minority- and women-owned business enterprises (MWBEs) in the U.S.
  • Access to capital remains the most important factor limiting the ability of these companies to scale.
  • NAIC will use this funding to launch the Minority Growth Equity Funds Initiative.
  • The initiative aims to increase the amount of capital available for MWBEs poised for growth.

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